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Be smart about finances during a divorce

Going through a divorce in Arizona is always hard. While the emotional pain of the breakup is still fresh, it’s easy to make financial mistakes that could complicate your life later on. If you’re going through a divorce right now, try not to rush financial decisions just to get the process over with.

Properly inventory and value all marital assets

Before marital assets can be divided in a divorce settlement, every asset must be accounted for and valued. If this is not done thoroughly and correctly, the division of assets may not be fair. Since Arizona is a community property state, everything that was acquired by spouses during the marriage is divided equally in a divorce.

Part of inventorying and valuating marital assets is assessing changes in value during the marriage. For example, if you purchased a house before the marriage and the house grew in value during the marriage, this added value needs to be accounted for when you divide the property.

There could be hidden assets

If your marriage was breaking down for several years, it’s a possibility that your soon-to-be ex-spouse has assets they never told you about. During the divorce process, you may want to look into the possibility that there is some marital property that was hidden from you.

Don’t forget about debts

One divorce issue that often gets overlooked is all of the debt that you and your spouse might have accumulated during your marriage. Don’t forget about student loans, unpaid mortgages, and credit card balances. Just like marital assets, marital debts must be divided equally as well.

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